Jabil Circuit Profit Drops

Electronic Data (EDS) announced plans to improve the cost competitiveness of outsourcing business, and will take a $425 million to $475 million in pretax restructuring charges and asset write-downs. The computer-services company plans to cut 2% of its workforce, or 2,700 jobs. EDS maintains the 33 cents to 38 cents second-quarter operating earnings guidance, and sees 70 cents to 80 cents earnings per share in the second half of the year. S&P reiterates avoid.

Needham upgraded Apple Computer (AAPL) to buy from hold.

Eastman Kodak (EK) cut the 60 cents to 80 cents second-quarter earnings per share from continuing operations guidance to a range of 25 cents to 35 3, and 5 cents to 25 cents earnings per share (GAAP). Kodak cited non-recurring items, including a 10 cents to 20 cents charge, and weak sales of consumer film and photographic paper in Asia due to the SARS outbreak. S&P reiterates sell.

Actuant (ATU) posted 82 cents third-quarter earnings per share from continuing operations vs. a 9-cent loss on a 23% sales rise. Actuant sees $2.75-$2.80 fiscal 2003 earnings per share (excluding special charges) on $579 million to $584 million revenues, and $3.10-$3.40 fiscal 2004 earnings per share on $610 million to $630 million revenues.

The FDA approved MedImmune 's (MEDI) FluMist, the first influenza vaccine delivered as a nasal mist available in the U.S. for healthy people aged 5 to 49. It will co-marketed by Wyeth Pharmaceuticals. Adams Harkness downgraded to market perform, saying sales will be lackluster until young children and the elderly are included the label. Deutsche Bank downgraded to hold from buy. S&P reiterates strong buy.

New York Times (NYT) posted 1.8% higher May advertising revenue in the newspaper group. The publishing company now sees 43 cents to 47 cents second-quarter earnings per share (GAAP), and low-to-mid single-digit growth in 2003 earnings per share.

Leggett & Platt (LEG) says due to lower-than-expected sales, it cut the 27 cents to 32 cents second-quarter earnings per share guidance to a range of 22 cents to 25 cents. The furniture-parts maker also cut the $1.15-$1.30 2003 earnings per share guidance to $1.05-$1.20.

A Missouri Circuit Court jury returned a unanimous verdict in favor of Philip Morris USA, R.J. Reynolds (RJR), and Brown & Williamson in the Welch case. Philip Morris is a unit of Altria (MO), while B&W is controlled by British American Tobacco (BTI)

Online commercial-services company FindWhat.com (FWHT) will acquire the U.K.'s Espotting Media. Terms of the deal call for FindWhat.com to issue 8.1 million of its common shares and $27 million in cash. Florida-based FindWhat.com sees at least 11 cents second-quarter earnings per share, and 46 cents for 2003; it raised the $16 million second-quarter revenue guidance to over $17 million, and upped the $66.5 million 2003 revenue guidance to $67.5 million. Legg Mason upgraded to buy.